Stefano Scarogni signs $20M refi for new 70-unit building in Mott Haven

Stefano Scarogni through the entity S.S. Pisa Corp as borrower signed a refi loan with lender NorthEast Community Bank valued at $20 million for the 70-unit residential elevator building (D7) at 530 Wales Avenue in Mott Haven, Bronx.

The building, the Wales Avenue Residence, is “a transitional supportive housing facility that provides behavioral health services to 67 individuals with mental illness.”

On the tax block, there was one new building construction project filed totaling 45,458 square feet. It is a 70-unit, 45,458 square-foot institutional (I-1) building submitted by Stefano Scarogni and filed by Stefano Scarogni with plans filed June 27, 2016 and permitted March 12, 2018.
The deal closed on February 3, 2025 and was recorded on February 19, 2025. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $12.7 million.

The property has 52,717 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $379 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Stefano Scarogni was Stefano Scarogni. The signatory for NorthEast Community Bank was Raymond L. Francis.

Prior sales and revenue

The 52,717-square-foot property generated revenue of $1.7 million or $31 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 70 residential units in Mott Haven has 52,717 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 116 feet and is 100 feet deep with a total lot size of 11,667 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $836,500. The most recent loan totaled $11.4 million and was provided by Northeast Community Bank on June 1, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,245 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of five of the nine commercial properties representing 107,229 square feet of the 153,076 square feet. The largest owner is Langsam Property Services, followed by Jehan Z. Gondal and then Don Bichoupan.

The majority, or 50 percent of the 153,076 square feet of built space are elevator buildings, with walkup buildings next occupying 43 percent of the space.

The borrower

The PincusCo database currently indicates that Stefano Scarogni owned at least three commercial properties with 210 residential units in New York City with 52,717 square feet and a city-determined market value of $2.8 million. (Market value is typically about 50% of actual value.) The portfolio has $11.4 million in debt, borrowed from Northeast Community Bank. Within the portfolio, the bulk, or 56 percent of the 52,717 square feet of built space are D7 properties, with elevator properties next occupying 44 percent of the space. They are all located in Bronx.

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